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Chairwoman Waters Congratulates Acting Chair Marty Gruenberg on Nomination as FDIC Chair

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services released this statement following the Biden administration’s nomination of Martin Gruenberg to be chairman of the Federal Deposit Insurance Corporation (FDIC):

“I want to congratulate Acting Chair Martin Gruenberg on his nomination by President Biden to serve as chairman of the Federal Deposit Insurance Corporation. With decades of public service, including providing years of invaluable oversight of our nation’s banking system, even during the most challenging times, I am confident that he is well suited to lead the FDIC as a confirmed Chair again during these volatile times. Already as Acting Chair, Mr. Gruenberg has taken important steps to strengthen the Community Reinvestment Act to combat modern-day redlining, improve the bank merger review process, and address climate-related financial risks and other threats to financial stability. He has also prioritized oversight of our nation’s biggest banks to ensure they are safe and sound and not harming consumers, and under his leadership, the FDIC has remained vigilant of newly emerging risks, like those related to digital assets. I look forward to the Senate promptly confirming him to this key post, so we can continue the work to build a strong and inclusive banking system.”

On December 12, 2019, Chairwoman Waters led a trip with Committee Dems to a public FDIC meeting on a harmful proposed rule that would have undermined the implementation of the CRA.

On March 11, 2020, Chairwoman Waters led a series of letters to regulators and financial institutions urging them to protect Americans and the financial system from the impact of the coronavirus.

On March 13, 2020, Chairwoman Waters sent a letter urging the FDIC to not approve deposit insurance for Industrial Loan Companies (ILCs) until the agency finalized a pending rule first.

On December 4, 2020, Chairwoman Waters sent a letter to then President-elect Joe Biden providing a comprehensive set of recommendations with respect to strengthening the implementation of various financial laws and regulations.

On December 10, 2021, Chairwoman Waters sent a letter calling on the FDIC, Federal Reserve, and Office of the Comptroller of the Currency (OCC) to halt mergers and acquisitions over $100 billion while the review process was strengthened.

On December 16, 2021, Chairwoman Waters issued a statement following former FDIC Chairman Jelena McWilliams’ attempt to block bank merger protections for working families.

On December 21, 2021, Chairwoman Waters requested former FDIC Chairman McWilliams provide the legal basis for impeding the Board majority’s request for public input on merger reviews. Ten days later, former FDIC Chairman McWilliams announced her resignation 18 months prior to her term’s expiration.

On June 29, 2022, Chairwoman sent a letter to regulators urging them to investigate allegations that Wells Fargo denied Black refinancing applicants when interest rates were at their lowest and hosted “mock” interviews with diverse candidates to pad diversity numbers.

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